In 1994, through the efforts of the manager of the Economic Development Office, the managers of Noranda Minerals (Geco Division), Hemlo Gold Ltd, Golden Giant Mine, Ministry of Northern Development and Mines and representatives of the Municipality of Manitouwadge an agreement was struck whereby the Community Stabilization Fund (most often referred to as the CSF) was established.
The Ministry of Northern Development and Mines would contribute $300,000.00 to the CSF on the condition that Noranda Minerals (Geco Division) and Hemlo Gold Ltd. Golden Giant Mine each contribute $150,000.00 to the Community Stabilization Fund.
This fund of $600,000.00 was to help “stabilize the housing market in Manitouwadge”. The urgency for this fund to be established was the imminent closure of the Noranda Geco Mine (1995) and the future closure of Hemlo’s Golden Giant Mine (2005).
All parties recognized that having this fund in place would allow the Community of Manitouwadge to have equal access to mortgage financing.
In consultation with CMHC it was agreed that a premium surcharge of 7% payable on the face value of a mortgage for a mine owned home for qualified borrowers would be paid through the Community Stabilization Fund. This funding was to be carried on through the closure of Hemlo’s Golden Giant Mine.
By a Resolution of the Manitouwadge Economic Development Corporation a Management Board was set up to manage the CSF in 1994. The board will have representatives as follows: Manager of Noranda Minerals Inc, Manager of Golden Giant Mine, and a representative from the MNDM, the Township and EDC.
A new agreement was initiated in January 2007. MNDM terminated their representation at this time. The new CSF Committee has representatives from Newmont Canada, Hemlo Division, Township of Manitouwadge, Falconbridge Ltd, Geco Division and the Manitouwadge Economic Development Corp. (MEDC).
Over the years the fund has been well managed. Most mine owned homes have now been sold and the MEDC has a surplus in the fund. With this in mind the Board of Directors (MEDC) felt that instead of increasing our portfolio we should be taking the excess funds and reinvesting the funds in the future of Manitouwadge.
By Resolution on September 17, 2015, it was resolved that the CSF Committee would become a sub-committee of the Manitouwadge Economic Development Corporation whose purpose will be to analyze and research proposals that the MEDC with decide upon.
Please watch this page for further updates on the status of the application form and criteria for applying to the MEDC for help on projects in our community.
To date our CSF has contributed to our community a total of :
Manitouwadge Medical Clinic $200,000.00
Show and Shine $2,825.00
Golf Association $19,200.00
Northern Trails $3,982.86